Citaglobal acquires 30% stake in submarine cable systems company for RM25.2mil

Citaglobal executive chairman and president Tan Sri Mohamad Norza Zakaria (right) and iFACTORS founder Abu Bakar Sutan Taharudin (left).

KUALA LUMPUR: Citaglobal Bhd is expanding the scope of its renewable energy and telecommunications business with the acquisition of a 30% stake in submarine cable systems company iFACTORS Sdn Bhd for RM25.2mil.

In a statement, Citaglobal said the deal is expected to be earnings accretive for the group, with the acquisition coming with a two-year net profit guarantee of RM21mil and iFACTORS having an orderbook of RM528mil.